Monday, January 26, 2009

A new meaning for "shovel ready"

The WSJ and others have described the flow of funds in the stimulus bill and it is amazing. Something in the range of less than 10% would be expended in the first year and less than a third of the spending would occur in the next fiscal year.

For the first time in our history the country faces annual trillion dollar deficits that possibly last for a couple of years and yet the stimulus bill proposes to spend only a tiny amount of the money in the first year. The rationale for this bill is to prime the pump for a sagging economy. Thus, when the bill was developing the various mendicants were asked to have "shovel ready" projects. In my naivete I had thought that meant projects that could be implemented quickly. I guess the term means projects ready to help the politicians load some more BS on their constituents.

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